It would be built on city-owned property between 2nd and 4th Streets SE along the Zumbro River. The two sides can now proceed with finalizing a formal development plan, something that is expected to be completed by the end of the year.

Bloom International Realty is working on a project that includes a large hotel, apartments, condominiums, retail and commercial space and a new parking garage.

The project would be constructed in phases at a cost estimated at $180,000,000 - $200,000,000.